L’Oreal USA announced yesterday the signing of a definitive agreement to acquire Carol’s Daughter. Headquartered in New York City, Carol’s Daughter is a premier American multi-cultural beauty brand with a pioneering heritage in the natural beauty movement. Created by Lisa Price in 1993, the brand caters to a diverse, rapidly growing market and has established a loyal consumer following across the country.
Following a multi-channel distribution model, Carol’s Daughter offers a comprehensive range of products that are available at specialty beauty stores, mass retailers, on HSN, through e-commerce and at Carol’s Daughter branded stores in New York City. For the 12 months ending September 30, 2014, Carol’s Daughter had net sales of US $27 million.
“Carol’s Daughter possesses an expertise in the multi-cultural consumer segment, a rapidly expanding market that represents an important growth opportunity in the beauty industry,” said Frederic Roze, President and CEO of L’Oreal USA. “This acquisition will enable L’Oreal USA to build a new dedicated multi-cultural beauty division as part of our Consumer Products business, and strengthen the company’s position in this dynamic market.”
Carol’s Daughter will continue to operate out of their New York City headquarters under the brand’s current leadership team. This acquisition further enhances L’Oreal USA’s roster of American brands which includes Maybelline NY, Kiehl’s, Essie, Urban Decay, Clarisonic and NYX.
“I have worked hard for the past 21 years nurturing my brand and am thrilled that we will have a new home with L’Oreal USA,” said Lisa Price, Founder and President of Carol’s Daughter. “L’Oreal has a proven track record of helping established companies achieve their full potential while staying true to the core of the brand and they have an understanding of the future of multi-cultural beauty. I could not be more proud to begin this next chapter of the Carol’s Daughter brand with them. I know that my mother (Carol) is smiling as well.”
The closing is subject to the standard regulatory approvals and other customary conditions.